Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
Plainview Housing Authority reports clean audit but shows small operating loss and lower occupancy
Summary
Joel Steed, president of the Plainview Housing Authority, told the council the 2025 audit was clean despite two immaterial misstatements ($2,978); he reported operating revenues of $1,214,878, expenses of $1,275,141 and occupancy declining from 97% to 93%.
Joel Steed, president of the Plainview Housing Authority, presented the authority’s fiscal year 2025 financial audit to the Plainview City Council on Feb. 24 and described the report as "a clean audit" while noting two misstatements that overstated the beginning unrestricted net position by $2,978.
Steed gave line-item figures for the authority’s properties: reported cash assets and noncurrent assets for the Date/State Street and Courtyard Apartments, certificates of deposit and security deposits. He said aggregate operating revenues were $1,214,878 and total operating expenses were $1,275,141, producing a reported loss from operations of about $60,000 and a year-over-year net position decline of just under $10,000. Steed also reported occupancy at the authority’s properties had decreased from about 97% to 93%.
Steed explained cost drivers including utility and insurance increases and increased contracted goods and services. He noted a $193,000 foundation leveling project planned at the Courtyard Apartments as a significant capital expense; the authority reported no grant funding for that work and said it would take a meaningful bite out of reserves. The council did not take formal action on the audit beyond accepting the report and thanking the housing authority for its management.
